Over at Irish Election, P O’Neill picks up on an RTÉ report on NAMA’s intended administration of 22billion of “loans for properties based in the UK – the majority of which are within the M25 motorway around London”. And he asks
Is anyone clear on the logic under which a huge overseas property portfolio should be managed by the state? As opposed to, for instance, immediate sale to other developers who would likewise be attracted by the 2012 Olympics?
Well, perhaps not immediately logical. But it’s likely a result of the “informal accord reached between the Irish and British governments.” Then there’s the North-South understanding. Btw, any delay in a fire-sale is not necessarily aimed at benefitting property developers – there are probably wider considerations for both economies. Although, there’s still no word on those [Irish] chickens..Also from the RTÉ report, make what you will of this
Meanwhile, the legislation setting up NAMA will run to 200 pages and will be published in next ten days in draft form.
Despite legal action by ACC bank against a number of developers Minister for Finance Brian Lenihan says the Government plan will not be derailed.
Minister Lenihan said he does not want NAMA to be a happy hunting ground for lawyers.